News Results

Issuers in the eight-state region sold $50.6 billion of bonds with Texas accounting for 65% of the volume.

At $1.8 billion, the tax-exempt and taxable deal is the largest on the calendar this week and it's the latest offering from the city since a $1.2 billion refunding issuance in July.?

Issuers in the eight-state region sold $50.6 billion of bonds with Texas accounting for 65% of the volume.

As investors contemplate rate policy for the remainder of 2024, "there have been a few strategies from which to choose to boost yield ? short positioning, curve extension and credit quality," noted Kim Olsan, senior fixed-income portfolio manager at NewSquare Capital.

The possibility of moving stalled housing bills forward combined with promises of down payment assistance is offering hope to housing advocates.

Loop Capital's Jim Reynolds was among the nine private and public entities that signed a pledge to help bring in more historically underutilized businesses on construction projects.

The measure would have requested $20 billion of bond authority from voters in nine San Francisco-area counties; backers said they would try in a later year.

Part of the surge in issuance came from issuers tapping the capital market after several years due to the inability to no longer postpone long-delayed projects and the drying up of pandemic aid.

VRDOs may be a "short-term solution" for issuers to refinance when the Fed starts cutting rates, said James Pruskowski, chief investment officer at 16Rock Asset Management.

Municipal bond insurers wrapped $18.592 billion in the first half of 2024, a 19.5% increase from the $15.561 billion insured in the first half of 2023, according to LSEG data.

New York state's issuers topped the Northeast charts as issuance rose in nearly every sector of the market during the first half of 2024.

Barclays (JJCTF) rate strategists believe the 10-year part of the Treasury curve has room to cheapen. "In that case, tax-exempts will likely not only follow, but underperform."

Environmental, social and governance issues are a ripe debate among Republican states who oppose federal efforts they say are overly political.

Eduardo Ramos had faced insurance fraud charges that were unrelated to his work at the school district.

Missouri's Kansas City Public Schools is looking to take its modernization plan to voters and seek approval for a $474 million GO bond measure next April.

Proposed guidelines for federal tax credits could undermine the effort to build a clean hydrogen market, critics say.

The state plans to price the bonds in early October.

Municipal bond mutual funds saw inflows as investors added $528.7 million to funds after $674.1 million of inflows the week prior, according to LSEG Lipper. This marks seven straight weeks of inflows.

Long-term liabilities have gone down and revenues have gone up, Fitch said.

Salt Lake City School District is seeking $730 million of bonds and Salt Lake County is asking for $507 million of bonds at the Nov. 5 general election.

Underwriting spreads rose to $7.11 in the first half of 2024 from $3.70 in the first half of 2023.

The state has selected a stretch of Interstate 24 between Nashville and Murfreesboro to be its first "Choice Lane," an optional toll lane to bypass congestion.

The Investment Company Institute reported $839 million of inflows into municipal bond mutual funds for the week ending Aug. 7 after $442 million of outflows the week prior. Exchange-traded funds saw $680 million of inflows after $950 million of inflows the previous week.

Moody's sees strength in New Jersey's economy and governance.?

Prince George's County Public Schools in Maryland is leveraging the P3 process to build eight new schools while issuing $663 million of taxable bonds.

The Financial Industry Regulatory Authority adds Morgan Stanley (MS) to the growing list of firms charged with mark-up and mark-down failures on municipal securities transactions.

The state's year-old rules ban broker-dealers and investment advisors from using non-financial criteria in investment strategies.

"There's an important 'date certain' the market may overreact to, but by and large, [this] week is looking positive given a lighter new- issue calendar," said AllianceBernstein (AB) strategists.

Dallas Fort Worth International Airport received a S&P rating upgrade and a positive rating outlook from Moody's ahead of a $750 million bond sale next week.

Detroit-based Wayne State University will return to market with $31.7 million of general revenue refunding bonds, with proceeds refunding outstanding bonds.

A new classification scheme would allow market participants, both on the buy and sell sides, to correctly identify the source and nature of credit risk in their holdings and to aggregate such risk into meaningful sectors that share common risk drivers.

Municipal bond market participants say a proposed constitutional amendment targeting property tax revenue would increase borrowing costs and lead to litigation.

"After a long-period of muni yields not being that attractive relative to corporates, that's starting to shift," Charles Schwab's Cooper Howard said.

It was a busy week for the nation's only publicly funded high-speed train project, which named a new CEO and debuted electric Caltrain cars following the Republican bill that aims to derail the "expensive mess."

The bondholders have a lien on what has been received and not on what will be received, according to the Oversight Board and Unsecured Creditors.

Dolton's unfunded expenditures have soared since 2021, resulting in a negative $3.65 million balance in its general fund, Lori Lightfoot told village trustees.

Muni returns so far in August are in the black, with the Bloomberg Municipal Index at 0.53% this month and 1.04% year to date. High-yield continues to outperform with returns at 0.68% in August and 5.99% in 2024.

As governor of Minnesota, Tim Walz has proposed some sweeping investments, including a $3.3 billion bonding bill that was the largest in the state's history.

Texas' largest school district, which was taken over by the state last year, is seeking voter approval for bonds for the first time since 2012.

In an environment characterized by dwindling enrollment, slowing revenues, and the end of COVID-19 federal aid, small private universities are struggling to remain afloat.